CRISIL An S&P Global Company

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February 12, 2019 Listing Department

National Stock Exchange of India Ltd.

Exchange Plaza, 5

^th

floor Plot No. C/1, G Block Bandra-Kurla Complex Bandra (East)

Mumbai 400 051

Dear Sirs,

Listing Department BSE Limited P J Towers Dalal Street Mumbai 400 001

Sub.: Outcome of Board Meeting ofCRISIL Limited

CRISIL

An S&P Global Company

Kindly be informed that the Board of Directors of the Company at their meeting held today has approved the Audited Financial Results for the year ended December 31, 2018. A copy of the Audited Financial Results of the Company, along with a copy of the Auditors' Report and the Press Release in this regard are enclosed.

In accordance with Regulation 33(3)(d) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular CIR/CFD/CMD/56/2016 dated May 27, 2016, a declaration in respect of unmodified opinion on Audited Financial Statements for the Financial Year ended December 31, 2018 is enclosed herewith.

The Board of Directors has also recommended final dividend of Rs. 11 per equity share of face value of Re 1 each, for the financial year ended December 31, 2018, subject to the approval of the shareholders at the ensuing Annual General Meeting.

The Board has also approved the notice convening the 32nd Annual General Meeting of the Company which will be held on Wednesday, April 17, 2019.

The meeting of the Board of Directors commenced at 11.45 a.m. 1ST and concluded at 6.00 p.m. 1ST today.

Kindly take this communication on record and inform your members accordingly.

Yours sincerely, For CRISIL Limited

Mina! Bhosale Company Secretary ACS 12999

Encl.: as above

CRISIL Limited

Corporate Identity Number: L67120MH 1987PLC042363

Registered Office: CRJSIL House. Central Avenue. H1ranandan1 Business Park, Powai, Mumbai - 400076. Phone: 1-91 t.2'3342 3000 I Fax: 1-91 223342 3001 www.crisil.com

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Press release

Feb 12, 2019 I Mumbai

CRISIL Limited: Audited financial results

CRISIL

An S&P Global Company

for the fourth quarter and year ended December 31, 2018

Highlights for the financial year ended December 31, 2018

• Total income up 11.5% yea�-on-year in the fourth quarter; profit after tax up 19.0% year-on-year

• Fiscal 2018 total income up 8.8% year-on-year; profit after tax up 19.3%

• Declared final dividend of Rs 11 per share. Total Dividend of Rs 30 per share for the year The Board of Directors of CRISIL Ltd, at its meeting today, approved the audited financial results for quarter and year ended December 31, 2018.

CRISIL's consolidated income from operations for the quarter ended December 31, 2018, rose 5.9% to Rs 467.0 crores, compared with Rs 440.9 crores in the corresponding quarter of previous year.

Consolidated total income for the quarter was up 11.5% to Rs 496.5 crores, compared with Rs 445.3 crores in the corresponding quarter of the previous year. Profit after tax grew by 19.0% to Rs 113.8 crores, compared with Rs 95.6 crores in the corresponding quarter of the previous year. During the quarter, the company received export benefits amounting to Rs 24.9 crores in the form of duty-free saleable scrips under the Service Export Incentive Scheme which has been recorded under other income.

Consolidated income from operations for the year ended December 31, 2018, increased 5.4% to Rs 1,748.5 crores, compared with Rs 1,658.5 crores in the previous year. Consolidated total income was up 8.8% to Rs 1,831.7 crores, compared with Rs 1,684.1 crores in the previous year. Profit after tax rose 19.3% to Rs 363.1 crores, compared with Rs 304.4 crores in the previous year.

During 2018, the company paid three interim dividends totaling Rs 19 per equity shwe of face value of Re 1 each. The Board of Directors has recommended a final dividend of Rs 11 per share (of Re 1 face value).

The total dividend for the year works out to Rs 30 per share.

"Sharp analytics and insights, and independent opinions have helped CRISIL stay ahead in a choppy environment. New offerings and capabilities, including through the acquisition of Pragmatix, supported growth for both the domestic and global businesses," said Ashu Suyash, Managing Director & CEO, CRISIL. "In ratings, our pointed focus on analytical and surveillance quality, client engagement, differentiated positioning and excellence in ratings, along with productivity improvements, resulted in a healthy growth in revenue and margins."

During the year, issuances in the corporate bond market dropped by around 24%. Yet the ratings business grew at a healthy pace on the back of improved market share through client acquisition. Additionally, securitisation transactions surged and there was robust traction in the stressed assets space as well.

Revival in credit growth supported the mid-corporate ratings segment. The strong performance in ratings was however offset partially by muted SME and GAC segments.

India Research continued to grow driven by new client additions - including for the Quantix platform - and

mandates stemming from capital market buoyancy and upturn in a few sectors. The GR&A business faced

headwinds from maturing regulations in the US and Europe, especially MiFID II. CRISIL Coalition

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CRISIL

An S&P Global Company

continued to grow strongly led by client demand for more insights and analytics. The business sharpened focus on products and platforms to take advantage of changing client needs.

In the Advisory segment, growth was led by Pragmatix, which was acquired in early 2018. Infrastructure Advisory won prestigious mandates from multilaterals and government entities. The segment's results were impacted by an additional provision for receivables of Rs 16.84 crore.

Overall, better operational efficiencies and favorable forex helped improve margins by 160 bps in 2018.

We hosted the fifth edition of the Annual Bond Market Seminar, which saw excellent participation by top stakeholders across the industry. The unique feature of this year's seminar was deliberations on the results of a survey of corporate bond investors and issuers. The seminar provided a platform for regulators, bankers, fund managers and corporates to come together and discuss the way forward and the initiatives for the growth of bond markets.

Other flagship events such as India Outlook, NBFC Seminar and Infrastructure Conclave also saw great participation. Apart from several successful events in India, we continued to strengthen our thought leadership in the global marketplace by participating in seminars such as 'Monitoring credit risk and research portfolios as the credit cycle changes', and 'The convergence of analytics and operations in AML with Machine Learning', among others. We also published a number of white papers and thought leadership reports and articles on the ongoing digital revolution, Brexit, Blockchain, securitisation, economy, sectoral outlooks and credit risk.

CRISIL Foundation continues to propel Mein Pragati, our flagship program, and efforts towards environment conservation. A tree health audit completed in 2018 showed Team CRISIL has helped plant and grow nearly 17,000 trees since 2015, which will offset over 3,900 metric tonne of carbon dioxide emissions over the next 15 years. In 2018, the foundation, under the aegis of the Reserve Bank of India's Moneywise Centres for Financial Literacy, achieved a major landmark by reaching out to over 100,000 people.

\�r Managing Director & CEO DIN: 00494515

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For further information contact

Sanjay Chakravarti Chief Financial Officer CRISIL Limited D: +91 22 3342 3049 B: +91 22 3342 3000 Saman Khan Media Relations CRISIL Limited D: +91 22 3342 3895 M: +91 95 940 60612 B: +91 22 3342 3000 [email protected] About CRISIL Limited

Ramraj Pai

President -Corporate Communications CRISIL Limited

D: +91 22 3342 3036 B: +91 22 3342 3000 Hirai Jani Vasanl Media Relations CRISIL Limited D: +91 22 3342 5916 M: +91 982003 9681 B: +91 22 3342 3000 [email protected]

CRISIL

An S&P Global Company

CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better.

It is India's foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

For more information, visit www.crisil.com

Connect with us: LINKEDIN I TWITTER I YOUTUBE I FACEBOOK I INSTAGRAM

CRISIL PRIVACY NOTICE

CRISIL respects your privacy. We use your contact information. such as your name, address, and email id, to fulfil your request and service your account and to provide you with additional information from CRISIL and other parts of S&P Global Inc. and its subsidiaries (collectively, the "Company) you may find of interest. For further information, or to let us know your preferences with respect to receiving marketing materials, please visit www.crisil.com/privacy. You can view the Company's Customer Privacy at https://www.spglobal.com/pnvacy

Last updated: May 2018 DISCLAIMER

This Press Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The Press release may be used by you in full or in part without changln'g the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution (whether directly or indirectly) of its Press Releases for consideration or otherwise through any media including websites, portals etc. Certain statements in this communication constitute forward-looking statements. These forward-looking statements are often identified by words such as "anticipate," "believe," "intend," "estimate," ·expect,"

'see," "continue," "could," "can," "may," "will," "likely,' 'depend,' "should,' "would," "plan," "predict,"' "target,' and similar expressions, and may include references to assumptions and relate to CRISIL's future prospects, developments and business strategies. Except for the historical information contained herein, the matters discussed in this communication are forward-looking statements that involve risks and uncertainties that may cause CRISIL's actual results to be materially different from such forward-looking statements. CRISIL wishes to caution you that you should not place undue reliance on such forward-looking statements, which speak only as of the date on which they were made. CRISIL does not undertake any obligation to update forward-looking statements, except as required by law.

Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this Press Release is based and is not responsible for any errors or omissions or for the results obtained from the use of this Press Release.

CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Press Release.

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CRISIL

An S&P Global Company CRISIL Limited

Statement of Financial Results for the quarter and year ended December 31, 2818

tRs.. in crornl

Patticulars C;>nso11da-.J!d S2nd.iilonf:-

J Months en<IC!<I 3 Months endecl Com,sponcling 3 Year ended Year ended 3 Months ended 3 MonthS ended

I

Corresponding 3

1 Year ended

I

Year ended

Months ended Months ended

31-0ec-18 I 3Q...&io-18 31.0ec-17 31-0ec-18 31-0ec-17 31-Di!c-18 I 30-Seo-18 I Jt-Oe<:-17 I 31•Dec•18 I 31..0,,c-17

Audiml

I

Unaud"rted Audited Audited Audited Audited

I

^Unaudited

I

^Audited

I

^{Aud �ed}

I

^Auclited

(Refer note 6) (Refer note 6) {Refer note 6) (Refer note 6) (Refer note 6) (Refer note 6) (Refer note 6) (Refer note 6) (Refer note 6) (Refer note 6)

1. lrtcome I I I I

A. Total tnccme from ooerations _{4c7.D3 i} 425.46 <-<!l.901 1 7>8.49 1-558.<c 31795 2a1 74 I 305 04 I 11a,�1 1.177.38

a Other inccme /Rere, notes 4 and 7\ 29�3 I 28.76 I 4.44 I 83.17 25�9 34.62 ll.94 I 10.55 I 1012€1 53 06

2. Tocal income 11A + 181 4S6.A6 ₄₅₄₂₂₁ _{445� I} 1.B31.66 I 1.6&4.DS :352.57 314..68 I 31s.s9 I 1.2a1.2s I 1.230.4.f

3_&oenses I I I I I

A Emolovee benefits exoenses 225.53 :n;_�· I 215.<7 88736T 8-<5.93 12942 12249 I 128 94 I 504 191 49849

B. Rent exoenses 16.55 16.69 I :51() i;,. 15 I 511-53 11 86 11 86 I 11.15 I 451le I 4455

.c.. Profession.al fees 20 �� 21.31 I 25.65 ai.10 I 85.9D 43.00 3622 I 3&.88 i :sg:;e I 150.9ll

D Travel eXDenses 15.!I .. 12.49 i2.c3 5154 I -<7.33 8.05 713. j 6.2• I 21::5 i 26.32

E Associate serlli<:e fees 1�.2:, 12.49 '.O 03 4853 I �2.33 !!.21 I 9.22 i 9.76 I 37141 41.24

F. Finance costs 1.01 - 0.29 2.,3 T 0.4�

-

_• _I U.29 I 1 ,a I 041

G Other excenses /Refer notes 4 and Bl ^{SQ _?'J} ³⁴⁰⁶ 27,:u:: iS.:.?,:, I -:zi..:i: 35.72 23-46 ! 24 0? I 107491 !1457

H DeoreciatlOn I amortrzation 11.69 1024 9 i!E .. 282 I ao.&< 7.57 702 I 110 I 26 67 I 2781

3. Total ...,..nses 359.53 323.n 317.00 1.332.07 1.250.44 24".B3 2�7.40 I 226.43 I 902.68 I 884.39

4. Profit before e>:ceDtlonal items and tax 12 • 3\ 136.93 130.50 I 1211.34 499.S!! 433.61 1D7.74 97.28 I 89.16 I 380.57 l 346.DS

.5. Exce<,Jional item I . . • I • I • I

,5.NetDOt>fit bdon! tax 14 •5l 136.93 130.50 123� A99.5!! 433.61 107.74 97.28 I 89.16 I 380.S7 I 346.05

J. Tax ... .-.. �e I

I

^I

I

A Current tax I "O.�B 3-1.76 4197 15707 1.;6.48 2L.Jt I 2589 I 30..."4 I 116301 12042

B Deferred tax (17301 5.71 (925) IW.551 11730' (10.3311 s10 I 16.DOll (136611 (11.63\

17. TOl2L::az emense 17A • 78) I 23.18 40.49 32.72 ;36.(g 129.18 13.9s I 31.99 I 14.94 I 103.041 108.79

B. Netaroffl for1'le oeriod"' • 7>• I 113.75 90.01

I

^95.62 :l63.10 I 304.43 !13.76· &5..29 I 64.22 I 277.531 237.26

" O,n:r=ncr,;n""5i,ielnctrne/exn<>nse INeto!!al<I I /61.621 172111 19.651 (!14-.6311 <nA:,• (3330) (2817il 14.3011 !B9.c;i111 cas 1n

lD.Tolal canmrehensive Income for the --'od /8 + 91• I S1.93 82.80 85.96 268..<7 I 227.01 60.46 .37.12 I ss.s2 I 17a.o2 I 152.09

t1. Paid un eouitv share ca"0!!.31 tF� value of� 1 -ea.d'1: 1

I

î.21 ^7.21: ⁷¹⁷Î ⁷²¹^T ⁷¹⁷ ^7.21 ^7.20Î ⁷¹⁷Î ^{r;1 (} ⁷¹⁷

1.2. Other eauilv 1,129.04 I 1.041.40 I I 801721 804 53

13. Eacrunas Per Share IEPSI I I T I I I

i3asic (NOi annuarised I 1s.,a I 12,50 13;;,; I 5C,S0 I .12.;-3 l300 907

I

8 96 I 38.60 I 3319

Diluted (Nol annualised\ I 15.741 t2.45 1325 I EO..:;J I �2-.J� 12.97 903 I 891 I ^:l8d7 I 3298

"Represents 100% attrillUtatlleto :ne.st,arar.olde,s of !he Company

�

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CRISIL

An S&P Global Company CRISIL Limited

Statement of Segment Results for the quarter and year ended December 31, 2018

/Rs.. ]n Cl'O<'el

F'arliaJlars C011sotlda,ec Slandalane:

3 lol01t1hS ended S Months ended Corresponding 3 Year endl>d Yearendecf 3 Months ended 3 Months ended Corresponding 3 Year ended

I

Year ended

Monlhsended Months ended

31-0oc•18 3Q-Sco-18 I 31-0e:>17 I 31-0ec:-la l1-!lcc-17 31-Dcc:•18 30-Seo-18. .31-Dce-17 I J'l-O.ec-18 31..D<!c.17 Audited

I

^Unaudlted

I

^Alimted

I

^Audlted

I

Audifi:<I Audited Unaudited Audited Audited Audited (Refer note 6) (Refer note 6) (Refer note 6) (Refer note 6) (Refer note 6) (Refer note 6) (Refer note 6) {Refer note 6) (Refer note 6) (Refer note 6)

1^#�tina revenue I

I

^l

I

A Ratina services I ^1-!1.07 ^{122..67 I} ^{12571 J} ^{507.30. I} .:.ao.:.!,'" �4-,.07 122.87 J 12571 507 JOI 48029

B Resea,mse,v;ces l ^2.89.�� ^{:asa 1�}I ^:.es.�

I

1 lli"-.01 1.0BG.3�- 17688 156.87

I

11933 I 67469 69709

C Advlsorv servfces 3$_S2 �-�51 28.20 I i35 ia I g.1 r�

-

I

-

j o. Total ,.,.._,e.frans ooer.atro,.., 467.03 "25-<6 I 440.SO J :.748.49

I

1.&Sl.A6 317.9S 2s1.14 I 305.04 1.1111-.99 1.177.33

2. LeSs: inter seamen! revenue

-

_._I

- -

_{• I} .

3...Ye.t.ineomefrom D.Darations 110-2\ I -167.03 425A6 I .:..a.so 1-748..49 I 1.558.46 317.95 281.74 I 305.ll4 1.181.99 1.1n.33

4. Seome,,t profi1s I

I

^I ^I I

I

A Rafino seMces �6.22 '-':Jl I 432.8 184-17 I ^1S120 SS..04 -44021 -<316 I 183.66 I 151 04

B.. Research servlc2S

I

^73� ^a3.ii9I 69.TT 32".�I 303..•6 37.¹7 4776 I 51 72 1.90..121 201.42

c Advisorv se,vic:es rReler 11ote Bl (11.37" 010 l ^,.:O'\ (S.C9H !!.2.! - I

-

_{• I}

-

-4 D. Talal o,:,er.ttinc arofit 123.05 127..85 I _I ,.1.aa _502.52 I 465.90 93.21 91.78 I 94.Ba

I

^373.781 ^352.46

I

^I

s. Add II Je"" l

I

I I I

1 lr:J!erest I /1.lr.l - I IG.231 i:2.Zlll IQ.411

I

10:23) 11181 1041)

ii. Other unallocable income net of unallocable e,cpendi1ure (Refer notes 4 �5E 1Ui6 0.54 4212.1 11 76 2210 12 52

1 167 36 64 21 81

311d 71

t:J. Deoreciatlon / arr:-ortisation funaflocat:i}e) (11,691 1:-0.2�!1 19.831 1•2.s:n1 14.5 O;C1 17571 r102·,1 111011 128671 (27 51)

6- Net cn,fit from ardlnarv acttvtt1es before tax I 4 + 5\ I 135.!IJ 130.30 I 128,.3,.: 499.59 i 433.61 1.07.74 97.2a 89.16 I 380.57 346.05

I

^I ^I I

Semnent assets 1Refer note 51 I I I I

A Ralina services I 1c _::-::i ,:!2:55 I 75.27 I �I 15.ZI 7052 12255 7527 70-52 75.V

a Re.sear,;!, serv.ces

I

^{721.SS I} 1=1 5S1.:;1 I 72135 I 59; 31 27690 30160 26902 276,90 26902

C Advisorv services 3'5.00 nc.is 72-Cl I 9668 I 72.-0i

- I

0. Unallocable Cnet) 745'>'; 701.3·! 75S13 I 7•5 21 I 7�e.U 78379 74458 n19e 783 79 77196

I

,Seament foabiTJ!ies [Refer nole 51 I

I

AEalin<>services 132.19 171.20 12•.ss 1 ::r.2.12 12�.6li 132.19 171 80 12465 132.19 J24.65

B. Researen se,vices 23!!78 T!:f"J'? 2�7.24 I

m.n

²¹⁷²⁴ ^116.57 ^1�41 ^114.71 111>.57 11471

C Adviso.rv se,vices 3�.i;.; 37 �2 21.� I ^l9.S: ^21.9g

-

.

-

D Unallocable rnel.\ S-S.!!O lOS.!1 76..27 8c.9C 76.27 73.52 96.21 5519 73.52 6519

I

Caoital emx,loved (Refer n01e 51

I I

A Ratina services 1s1.07l (.a9.131 ,<9.38 I ^1;;1.cm

'""38:

(61671 1492511 /49381 (61.6711 (49.:;8}

e Resean:hserva:s 4al.57 :ts:� l74.0, .;132,;i] 1,1.: _o.1 16ll.33 197 19 154.3, l 160.33 J 154 31

C. Advisory services 5704 73.17 ".02 ::.o.; �-O'l

-

^- ^-

I

_{- I}

D UnalJocal>le (net) 053.31 5.£1 us: 57s.a6 a..<a.31 679.86 710.27 64837 706 77 I 71027 1osn

'

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I IL

CRISIL Limited An S&P Global Company

Statement of Assets and Llabllltles

(Rs. In Cron:i)

Particulars Consolldated Standalone

As at As at As at As at

31-Dec-18 31-Dec-17 31-0ec-18 31-Dec-17

Audited Audited Audited Audllod

A. Assets

1. Non-current assets

l(a) Property, plant and equipment 41.04 54.35 32.09 40.21

(b) Goodwlll 277.25 232.03

.

(c) lntan9lble assets 31.64 7.08 16.63 2.32

I (d} lntanolble assels under development 7.44 13.21 4.57 11.60

.(e) Financial assets

I. Investments 293.59 386.11 476.42 512.94

II. Loans 36.74 13.85 36.56 12.61

Iii. Other financial assets 0.42 0.99 0.02 0.48

(f) Deferred tax assets (Net) 56.76 34.75 45.40 27.10

.{o) Tax assets 56.05 41.94 36.18 25.213

.(h) Other non-current assets 7.90 3.66 7.67 3.65

Sub-total non-current assets 808.83 787.97 655.54 644.17

2. Current assets (a� Financial assets

I. Investments 183.03 139.33 183.03 131.32

ii. Trade receivables 284.83 260.42 164.82 161 .44

Ill. Cash and cash egulvalents 203.07 88.69 48.86 42.21

Iv. Other bank balances 3.93 43.09 2.14 1.05

v. Loans 8.55 28.54 9.21 59.40

vi. Other financial assets 94.07 98.90 33.19 41.19

(bl Other current assets 44.27 44.60 31.24 32.29

(2) Asset held for sale 3.18 3.18 3.18 3.18

Sub-total current assets 824.93 706.75 475.67 472.08

TOTAL - Assets 1,633.76 1,494.72 1,131.21 1,116.25

B. Equity and llabllltles 1. Equity

(a) Equity share capital 7.21 7.17 7.21 7.17

(bl Other eguitv 1 129.04 1.041.40 801.72 804.53

Sub-total Equity 1,136.25 1,048.57 808.93 811.70

2. Non-current llabllltles (a) Financial liabilltles

I. Borowlngs 0.08

. . -

li.Olher financial llablllties 7.74 4.12 7.74 3.05

(b! Other non-current liabilities ^. 0.48 . 0.48

fc) Provisions 13.76 12.88 12.98 12.88

Sub-total non-current llabllltles 21.58 17.48 20.72 16.41

3. Current llabllltles (a) Financial llabllities

I. Short term borrowings 2.46 . .

.

II. Trade eavables 64.77 56.⁷² 52.07 46.82

Iii. Other financial llabllltles 159.39 147.88 68.29 72.63

(bl Provisions 63.35 62.20 54.81 53.39

(c) Tax llabilitles 11.76 10.01 . .

(d) Other current llabllltles 174.20 151.86 126.39 115.30

Sub-total current llabllltles 475.93 428.67 301.56 288.14

TOTAL - Equity and llabllllles 1,633.76 1,494.72 1,131.21 1,116.25

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RISI

Notes to Financial Results : An S&P Global Company

The above results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of lhe Company at Its meeting held on February 12, 2019.

2 The Board of Directors have recommended a final dividend of Rs. 11 per share having face value of Re. 1 each.

3 The financial results have been prepared In accordance with the applicable accounting standards, as notified under the Companies (Indian Accounting Standards) Rules, 2015 and as specified In Section 133 of the Companies Act.

4 Details of foreign exchange gain or loss recorded in lhe respective periods in financial results are as under : (R�. In Crom]

Particulars consoJfgateg Stam!alonE>

Forex anln or loss Included unrier

Other Income (.)t110r expenses Other Income other expenses

Quarter ended December 31, 2018 NII 9.76 NII 12.39

Quarter ended September 30, 2018 13.73 NII 14.12 NII

Quarter ended December 31, 2017 Nil 1.93 NII 1.47

Year ended December 31, 2018 31.02 9.76 29.14 12.39

Year ended December 31, 2017 0.21 15.94 5.85 13.02

5 The Company's operations predominantly relate to providing rating, research and advisory services. Accordingly, revenues earned through rendering of these services represent the primary basis of segment Information set out above. Assets and llabllltles used Interchangeably between segments has been classified as unallocable. The Company believes that It Is currently not practicable to allocate all assets and llabllitles since a meaningful segregation of the avallable data Is nol feasible.

6 In compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obllgallons and Disclosure Requirements) Regulations, 2015, an audit of the above results has been carried out by the Statutory Auditors of the Company.

The figures of quarters ended December 31, 2018 and December 31, 2017 are the balancing figures between audited figures of the full year ended December 31, 2018 and December 31, 2017 and unaudited published year to date figures up to period ended September 30, of the respective years.

7 During the quarter ended December 31, 2018, export benefits amounting to Rs. 24.93 crore In the form of duty free saleable scrips under the Service Export Incentive Scheme (SEIS) has been received from the government authorities which Is included under 'Other income'.

8 The consolidated financial results Include additional provision for receivables of Rs 12.79 crore and Rs 16.84 crore during the quarter end year ended December 31, 2018 respectively, In the Advisory services segment, which Is Included under 'Other expenses'.

9 The Consolidated financial results Include financial results of CRISIL Limited and Its wholly owned subsidiaries.

For and on behalf of the Board of Directors of CRISIL Limited

�" ta-.-.A

Ashu Suyash

Managing Dir tor and Chief Executive Officer DIN: 00494515

Mumbai, February 12, 2019

• Further details in connection with this Release are available on website of the Company at www.crfsll.com and also on the websites of BSE Limited (www.bselndla.com) and Nallonal Stock Exchange of India Limited (www.nselndla.com).

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�

CRISIL

CRISIL Limited An S&P Global Company

Extract of Financial Results for the quarter and year ended December 31, 2018

(Rs. In Crorel

SL. Pa rticu la rs Consolidated Standalone

No. 3 Months 3 Months Corresponding Year ended Year ended 3 Months ended 3 Months ended Corresponding Year ended Year ended

ended ended 3 Months 3 Months

ended ended

31-Dec-18 30-Sep-18 31-Dec-17 31-Dec-18 31-Dec-17 31-Dec-18 30-Sep-18 31-Dec-17 31-Dec-18 31-Dec-17

Audited Unaudited Audited Audited Audited Audited Unaudited Audited Audited Audited

(Refer note 3) (Refer note 3) (Refer note 3) (Refer note 3) (Refer note 3) (Refer note 3) (Refer note 3) (Refer note 3) (Refer note 3) (Refer note 3)

1 Total income from operations 467.03 425.46 440.90 1,748_.49 1,658.46 317.95 281.74 305.04 1,lBl.99 1,177.38

2 Net Profit/ (Loss) for the period (before Tax and/or 136.93 130.50 128.34 499.59 433.61 107.74 97.28 89.16 380.57 346.05

Exceptional items)

3 Net Profit/ {Loss) for the period (before tax] 136.93 130.50 128.34 499.59 433.61 107.74 97.28 89.16 380.57 346.05

4 Net Profit/ (Loss) for the period after tax (after 113.75 90.01 95.62 363.10 304.43 93.76 65.29 64.22 277.53 237.26

Exceptional and/or Extraordinary items)

5 Total Comprehensive Income for the period [Comprising 51.93 82.80 85.96 268.47 227.01 60.46 37.12 59.92 178.02 152.09

Profit/ (Loss) for the period (after tax) and Other Comprehensive Income (after tax)]

6 Equity Share Capital 7.21 7.20 7.17 7.21 7.17 7.21 7.20 7.17 7.21 7.17

7 Reserves (excluding revaluation reserve) 1,129.04 1,041.40 801.72 804.53

8 Earnings Per Share (of Re. 1/- each) (for continuing and discontinued operations)

1. Basic : (Not annualised) 15.78 12.50 13.34 so.so 42.58 13.00 9.07 8.96 38.60 33.19

2. Diluted: (Not annualised) 15.74 12.45 13.26 50.33 42.32 12.97 9.03 8.91 38.47 32.98

Notes:

1 The above results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Company at its meeting held on February 12, 2019.

2 The financial results have been prepared in accordance with the applicable accounting standards, as notified under the Companies (Indian Accounting Standards) Rules, 2015 and as specified in Section 133 of the Companies Act.

3 In compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, an audit of the above results has been carried out by the Statutory Auditors of the Company. The figures of quarters ended December 31, 2018 and December 31, 2017 are the balancing figures between audited figures of the full year ended December 31, 2018 and December 31, 2017 and unaudited published year to date figures up to period ended September 30, of the respective years.

4 The above is an extract of the detailed format of quarter ended Financial Results filed with the Stock Exchanges. The full format of the quarter ended Financial Results are available on www.crisil.com and also on the websites of BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com).

For and on behalf of the Board of Directors of CRISIL Limited

�f!L

Ashu Suyash ·

Managing Dire ·.f and Chief Executive Officer DIN: 00494515

Mumbai, February 12, 2019

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Walker Chandiok &.Co LLP

Walker Chandlok & Co LLP 16th Floor, Tower 11, lndiabulls Finance Cenlre, SB Marg, Elphinstone (W) Mumbai - 400 013 Maharashtra, India T +91 22 6626 2600 F +91 22 6626 2601

lndependentAuditor's Report on Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 To the Board of Directors of CRISIL Limited

1. We have audited the standalone financial results of CRISIL Limited ('the Company') for the year ended 31 December 2018, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Attention is drawn to Note 6 to the standalone financial results regarding the figures for the quarter ended 31 December 2018, as reported in these standalone financial results, which are the balancing figures between audited standalone figures in respect of the full financial year and the published standalone year to date figures up to the end of the third quarter of the financial year. Also, the figures up to the end of the third quarter had only been re�ewed and not subjected to audit. These standalone financial results are based on the standalone financial statements for the year ended 31 December 2018, prepared in accordance with the accounting principles generally accepted in India, including Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 ('the Act') and published standalone year to date figures up to the end of the third quarter of the financial year, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, Interim Financial Reporting, specified under Section 133 of the Act, and SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016, which are the responsibility of the Company's management. Our responsibility is to

express

an opinion on these standalone financial results, based on our audit of the standalone financial statements for the year ended 31 December 2018 and our re'Aew of standalone financial results for the nine months' period ended 30 September 2018.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement. An audit includes examining, on a test basis, e\Adence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We belie-.e that our audit pro'Ades a reasonable basis for our opinion.

Chartered Accountants

Offices In Bengaluru, Chandigarh, Channel, Gurugram, Hyderabad, Koehl, Kolkala, Mumbai, New Deihl, Nolda and Pune

Page 1 of2

Walker Chendtok & Co LLP Is registered wllh llmlled llablllly wilt, ldenllflcallon number MC-2085 end ils registered office al L-41 Connaughl Circus, New Deihl, 110001. India

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Walker Chandiok &_Co LLP

CRISIL Limited

Independent Auditor's Report on Standalone Ananclal Results - 31 December2018

3. In our opinion and to the best of our information and according to the explanations given to us, the standalone financial results:

(i) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016 in this regard; and

(ii) give a true and fair v.ew of the standalone net profit (including other comprehensive income) and other financial information, in conformity with the accounting principles generally accepted In India, including Ind AS specified under Section 133 of the Act for the year ended 31 December 2018.

For Walker Chandiok

&

Co LLP

Chartered Accountants

Firm Registration No.: 001076N/N500013

Khushroo B. Panthaky

Partner

Membership No. 42423 Place: Mumbai

Date: 12 February 2019

Chartered Aooountonta

Page2of2

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Walker Chandiok &..Co LLP

Walker Chandlok & Co LLP 16th Floor, Tower II, lndlebulls Finance Centre, SB Marg, Elphinstone (W) Mumbai - 400 013 Maharashtra, India T +91 22 6626 2600 F +91 22 6626 2601

Independent Auditor's Report on Consolidated Financial Results of the Company Pursuant to the Regulatlon 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of CRISIL Limited

1. We have audited the consolidated financial results of CRISIL Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), for the year ended 31 December 2018, being submitted by the Holding Company, pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Attention is drawn to Note 6 to the consolidated financial results regarding the figures for the quarter ended 31 December 2018, as reported in these consolidated financial results, which are the balancing figures between audited consolidated figures in respect of the full financial year and the published consolidated year to date figures up to the end of the third quarter of the financial year. Also, the figures up to the end of the third quarter had only been reviewed and not subjected to audit. These consolidated financial results are based on the consolidated financial statements for the year ended 31 December 2018, prepared in accordance with the accounting principles generally accepted in India, including Indian Accounting Standards ('Ind AS'), specified under Section 133 of the Companies Act, 2013 ('the Act') and published consolidated year to date figures up to the end of the third quarter of the financial year, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, Interim Financial Reporting, specified under Section 133 of the Act, and SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016, which are the responsibility of the Holding Company's management. Our responsibility is to express an opinion on these consolidated financial results based on our audit of the consolidated financial statements for the year ended 31 December 2018 and our review of consolidated financial results for the nine months period ended 30 September 2018.

2. We conducted our audit in accordance with the auditing standards generally accepted in India.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.

3. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of other auditors on separate financial results and on other financial information of the subsidiaries, the consolidated financial results:

(i) include the financial results for the year ended 31 December 2018 of the following entities:

1. CRISIL Limited

2. CRISIL Risk and Infrastructure Solutions Limited

Churterad Accountant&

Offices In Bengaluru, Chandigarh, Chennal, Gurugram, Hyderabad, Koehl, Kolkala, Mumbai, New Delhi, Nolda and Puna

Page 1 of 2

Walker Chandlok & Co LLP Is regislered w1th llmlted llablllty wllh identlr.callon number MC-2085 and Its registered office at L-41 Conneught Circus, Now Delhi, 110001, lndlo

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Walker Chandiok &..Co LLP

CRISIL Limited

Independent Auditor's Report on Consolidated Financial Results - 31 December 2018

3. Pragmatix Services Private Limited

4. CRISIL lrevna Information Technology (Hanghzou, China),Co. Ltd.

5. CRISIL lrevna UK Limited 6. Coalition Development Limited 7. CRISIL lrevna US LLC

8. CRISIL lrevna Poland Sp.zo.o.

9. Coalition Development Singapore Pte Limited 10. CRISIL lrevna Argentina S.A.

(ii) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016 in this regard; and

(iii) give a true and fair view of the consolidated net profit (including other comprehensive income) and other financial information, in conformity with the accounting principles generally accepted in India, including Ind AS specified under Section 133 of the Act for the year ended 31 December 2018, 4. We did not audit the financial statements / financial information of 1 (one) subsidiary, whose financial

statement / financial information reflect total assets of �16.00 crores and net assets of �7 .91 crores as at 31 December 2018, and total revenue of N9.96 crores for the year ended on that date, as considered in the consolidated financial results. These financial statements / financial information has been audited by other auditor, whose report has been furnished to us by the management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, and our report in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016, in so far as it relates to the aforesaid subsidiary, are based solely on the report of such other auditors.

Further, the above subsidiary is located outside India, whose financial statements and other financial information has been prepared in accordance with accounting principles generally accepted in their country and which has been audited by other auditor under generally accepted auditing standards applicable in their country. The Holding Company's management has converted the financial statement of such subsidiary, located outside India, from accounting principles generally accepted in that country to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion, in so far as it relates to the financial information of such subsidiary located outside India, is based on the report of other auditor and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion on the consolidated financial results is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors.

For Walker Chandiok & Co LLP Chartered Accountants

Firm Registration No: 001076N/N500013

Khushroo B. Panthaky Partner

Membership No. 42423 Place: Mumbai

Date: 12 February 2019

Charterad Accounlanle

Page 2 of 2

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February 12, 2019

Listing Department

National Stock Exchange of India Ltd.

Exchange Plaza, 5

^th

floor Plot No. C/1, G Block Bandra-Kurla Complex Bandra (East)

Mumbai 400 051 Dear Sirs,

Listing Department BSE Limited P J Towers Dalal Street Mumbai 400 001

CRISIL

An S&P Global Company

Sub.: Declaration in respect of Unmodified opinion on Audited Financial Statements for the Financial Year ended December 31, 2018

In terms of SEBI Circular CIR/CFD/CMD/56/2016 dated May 27, 2016, we hereby declare and confi

^rm

that the Statutory Auditors of the Company, Mis. Walker Chandiok & Co. LLP, have issued an unmodified audit report on Standalone and Consolidated Financial Results of the Company for the year ended December 31, 2018.

Kindly take this communication on record and info

^rm

your members accordingly.

Yours faithfully,

ID IL Limit

i

⁽

Sanjay Chakravarti Chief Financial Officer

CRISIL Limited

Corporate Identity Number: L67120MH 1987PLC042363

Registered Office: CRISIL House. Central Avenue. H1ranandan1 Business Park, Powai, Mumbai - 400076. Phone: +91 22 3342 3000 I Fax: +91 22 3342 3001 www.crisil.com